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Can 590 get you a new car?

SH21
Contributor

Re: Can 590 get you a new car?

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.

Message 21 of 39
Loquat
Moderator

Re: Can 590 get you a new car?

Only chiming in to say that with your scores and the rate you've already been quoted, please consider GAP coverage. I know a lot of folks will speak against it but sometimes it simply just makes sense.
Message 22 of 39
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

Lets assume the tranny is 4k. A shop qouted me 35-4500.

Could be a lose wire or bad relay but worst case is 1k to fix the dash. never done a tune up and thats due at 100k so i dont know assume $500 for new plugs and wires and whatever else. I would need new rear brakes soon as ive never replaced them so thats $200-250. Need one rear tire $130.

Payment on the new ford would be $290. Assume I spread those repairs out over 18months its the same cost of a new ford for a year-year1/2.

 

The reason I dont really want a beater is I would spend the money for the car and drive it till its not driveable. If I fixed the tranny then that would be considered a beater lol. I have door stoppers holding my back windows up because the motors broke and I dont see the need to repair them.

 

 


It's easy for people to recommend you wait, or buy something in cash for right now, but they're not the ones who are going to have to deal with it in the meantime. I say buy a new car, but you need to temper your expectations. Right around 10% is where you're going to end up, so it might be a good idea to jump on those cap1 rates. As for refinancing, unless you can get your scores up 100 points, don't even entertain the thought. Assume you won't do it, strike your deal, then work on getting the scores up.




Message 23 of 39
user365735
Established Member

Re: Can 590 get you a new car?

So I tried chevy today hoping to get 0% and no go. I guess im stupid because I told them Ford gave me 10.9 and was hoping to get that in half but they could only match it for a higher msrp anyway.

 

During all this i got word that the ford I ordered is in and ready to be picked up. 

 

I am really thinking this is a good car for me and an excellent deal. After T&T its 17200. without even seeing my trade and them towing it for me. Its barebones but thats all I need. I think the new car will cost the same as maintaing my old car for the next 1-2 years. Im not sure how they work but the dealer gives 150k warranty from allstate.

 

In 1-2 years would it be easy to refin? 

 

Thanks. I will look into gap coverage. maybe through my insureance so in a few years I can cancel it.

Message 24 of 39
Gladius
Frequent Contributor

Re: Can 590 get you a new car?


@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.

Message 25 of 39
FMC
Frequent Contributor

Re: Can 590 get you a new car?


@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


I don't. Back in 2015, I financed a Dodge Journey wilh a 517 @ 8.04% , 1ki down and rolled in $3750 in neg equity through Chrysler Capital.  Subprime financing iback then was easier than today plus credit trends matter as well besides straight score. 

Message 26 of 39
JGGM
Frequent Contributor

Re: Can 590 get you a new car?


@user365735 wrote:

Thanks everyone.

 

So far I did get approved with Ford at 10.7%. I assume that is good if their promo is 8.9%!?

 

I would love to keep the car but I am worried that things will need to start being replaced. I do have some funny issue where i believe something is loose or bad and have issues with lights on the dash and then the dash not lighting up, issues with it starting and even issues with the bluetooth so whatever it is everything is related. AC does not work which I dont care about and heat only works on full blast which is fine.

It is actually past due for inspection and I would have to pray that during inspection my dash does not act up otherwise it would fail.

 

The ford I looked at includes a 10/150k powertrain warranty from allstate.

 

I was thinking of trying a chevy dealer tomorrow to see if they could get me approved at 0% or better then ford. I am paying 5k in interest.

 

anymore suggestions? I was thinking in 1-2 years I could try to refin and get a lower rate.


GM Financial is not going to offer you 0%. That's typically reserved for A+ or A1 credit tiers. I highly doubt they'll beat FMCCs rate by half as well. GMF approves prime customers at 4%+ when there's not 0%. Don't take this the wrong way - but you're not "prime".  Now, if you could wait a little until your scores are above 620, that could help as that would put you in the A3 tier most likely. 

Current Score 7-1-21: TU: 812 EX: 805 EQ: 839
Goal Score:ACHIEVED - 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Platinum - DISCO - NFCU Cash Rewards - Chase Sapphire Preferred

Message 27 of 39
FMC
Frequent Contributor

Re: Can 590 get you a new car?


@JGGM wrote:

@user365735 wrote:

Thanks everyone.

 

So far I did get approved with Ford at 10.7%. I assume that is good if their promo is 8.9%!?

 

I would love to keep the car but I am worried that things will need to start being replaced. I do have some funny issue where i believe something is loose or bad and have issues with lights on the dash and then the dash not lighting up, issues with it starting and even issues with the bluetooth so whatever it is everything is related. AC does not work which I dont care about and heat only works on full blast which is fine.

It is actually past due for inspection and I would have to pray that during inspection my dash does not act up otherwise it would fail.

 

The ford I looked at includes a 10/150k powertrain warranty from allstate.

 

I was thinking of trying a chevy dealer tomorrow to see if they could get me approved at 0% or better then ford. I am paying 5k in interest.

 

anymore suggestions? I was thinking in 1-2 years I could try to refin and get a lower rate.


GM Financial is not going to offer you 0%. That's typically reserved for A+ or A1 credit tiers. I highly doubt they'll beat FMCCs rate by half as well. GMF approves prime customers at 4%+ when there's not 0%. Don't take this the wrong way - but you're not "prime".  Now, if you could wait a little until your scores are above 620, that could help as that would put you in the A3 tier most likely. 


Agree with above poster. GMF rates most likely will be higher than Ford's.

I speak from recent shopping experience but you won't know until you go. 

 

OP, which vehicle do you prefer? 

Message 28 of 39
dunn2500
Frequent Contributor

Re: Can 590 get you a new car?

i bought new car last year with no credit score whatsover......17% interest though and big down payment...refinanced shortly after and sold it to get another

Message 29 of 39
dunn2500
Frequent Contributor

Re: Can 590 get you a new car?


@Gladius wrote:

@SH21 wrote:

Back when my scores were high 500's (2015) I got a brand new Ford with 0% for 72 mo.  I put $2000 down, but also carried in $1,800 negative equity on my trade plus tax, title, license.


Not trying to be an arse, but I find this hard to believe.


very hard........i had 625 with perfect payment history and they would only do 13%

Message 30 of 39
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